Under the Statute of Frauds, some specified contracts must be in writing and signed by the party against whom enforcement is sought. State several benefits or advantages that result from this statute for the contracting parties

Answer 1

a . There is likely to be more thoughtful analysis of proposals before a written and signed commitment is made.
b. There is likely to be more careful draftsmanship of agreements, with inclusion of appropriate language to cover areas of possible dispute or misunderstanding. ("What could go wrong?" "Ideally and equitably how should these anticipated problems be resolved?")
c. There is more likely to be preliminary "comparison shopping.". ("Investigate before you invest!")
d. There can be serious and extended discussion and bargaining without fear of being bound. ("I haven't bought the house until you have my signature!")
e. This forestalls much costly, groundless, and avoidable litigation, by later providing reliable written information about what the parties actually promised.
f. If there is a dispute, the writing assists counsel and court.
g. This facilitates collection of debts by providing a "paper trail.".
h. The parties are more likely to consult counsel in the preparation of their agreement, which is a prudent (and economical) preventive practice.
i. There is more likely to be a clause in the contract calling for alternative dispute resolution.
j. There is more likely to be a clause providing that in case of litigation, the losing party must pay all court costs as well as reasonable attorney fees of the prevailing party (along with his/her own attorney's fees.) This tends to discourage ill founded "crank," and "spite" litigation.